25 Best PayPal Alternatives for 2020

When it debuted in 1998, PayPal was the first service that made electronic payments available to the masses. However, since that time many more new businesses have launched that rival PayPal as a merchant services payment processor.

This being said, there are a number of reasons why you might be looking for PayPal alternatives, including:

  • You want a dedicated merchant account. PayPal aggregates all of the funds of their customers into a single merchant account.
  • You’re looking for greater POS functionality. PayPal’s point of sale technology is limited compared to other providers.
  • You sell digital goods or services. PayPal does not offer seller protection for digital goods or services.
  • You’re interested in lower fees. PayPal fees will vary based on the product you use, however, some payment processors will charge lower credit card processing fees, or waive fees for instances like chargebacks.
  • You need specific or better features than what PayPal offers. Although PayPal has a number of payment solutions, certain providers, like Stripe, for example, will offer more advanced online payment customization.

In any case, if you think a different solution might be right for your needs, you can start your search with our list of the 25 best PayPal alternatives.

Top Alternatives to PayPal for Business

As we mentioned, although PayPal is one of the most well-known online payment solutions for businesses (and consumers) there are a variety of platforms out there that may be a better fit for your needs. Let’s learn more about some of the best PayPal alternatives on the market.

1. 2Checkout

Best for: International businesses looking to process payments in multiple currencies and work in multiple languages

First up in our list of the best PayPal alternatives is 2Checkout, an online payments processor designed for ecommerce businesses. 2Checkout comes with a range of features, including the ability to accept payments from all over the world, host your own checkout page, set recurring transactions, compile reports on your payments history, and more.

To use 2Checkout, you must sign up for one of three product plans which range in price from 3.5% + $0.35 per successful sale, to 6% + $0.60 per successful sale, with a mid-tier plan for 4.5%+$0.45 per successful sale. Although this may seem expensive, you do get a range of features besides payment processing (especially for international merchants), making it a nice choice for ecommerce businesses looking for a PayPal alternative.

Learn more in our 2Checkout review.

2. Adyen

Best for: Omnichannel payments, international businesses, and a dedicated merchant account

If you’re wondering what the PayPal alternative for eBay is, your answer is Adyen. Even beyond eBay, some of the biggest names in tech—like Spotify and Etsy, for instance—rely on this PayPal competitor for their online payment processing.

Although they’re transparent about pricing—providing a long list of how much any given payment would cost your business to process—their pricing can get complicated, so be sure to read up on the details before deciding on this option. In terms of features, Ayden subscribers will enjoy the ability to accept payments from anywhere in the world, and a suite of security features.

Learn more in our Adyen review.

3. Amazon Pay

Best for: U.S.-based, online businesses that already use an ecommerce platform; businesses that already have an Amazon seller account

Another alternative to PayPal, Amazon Pay, is a payment gateway that allows your customers to check out online using the information they have stored in their Amazon account. To enable Amazon pay, you can set up an Amazon seller account and then use their customizable API to integrate the plug-in with your existing ecommerce platform.

Amazon Pay will cost you 2.9%, plus $0.30 per transaction, though cross-border fees will be 3.9%, plus $0.30. Note that Amazon Pay does offer lower fees to charitable organizations.

Learn more in our Amazon Pay review.

4. Authorize.Net

Best for: Straight-forward payment gateway for ecommerce businesses with focus on security and customer support

With Authorize.Net, you get a highly reputable all-in-one option with a payment gateway that will allow you to process online transactions at a rate of 2.9% + $0.30. You’ll also pay a $25 monthly gateway fee.

Authorize.Net gives you the option to purchase a merchant account through their providers, or use your own. You must, however, have a merchant account to use Authorize.net. Features that come with Authorize.Net include fraud detection, recurring billing, a QuickBooks integration, and an invoicing suite.

Learn more in our Authorize.Net review.

5. BlueSnap

Best for: Tech-savvy online businesses looking for a versatile, highly customizable payment solution

Another popular payment gateway option, BlueSnap caters to a wide range of ecommerce businesses offering 100 currency types and a payment experience in 29 languages. BlueSnap provides an API that allows you to customize your checkout page, as well as build subscription plans. This PayPal alternative also includes a virtual terminal and functionality specifically for marketplace payments.

BlueSnap will charge you varying transaction fees, based on what kinds of transactions you process. BlueSnap pricing in the U.S. ranges from as low as 2% + $0.30 per transaction, up to 3.7% + $0.30. Additional features you can expect with BlueSnap include chargeback monitoring, fraud prevention, and a reporting suite. 

Learn more in our BlueSnap review.

6. Braintree

Best for: PayPal features and capabilities, but with a dedicated merchant account

Although Braintree is a PayPal company, the product and services they offer differ slightly. Whereas PayPal only provides aggregated merchant accounts, Braintree offers dedicated merchant accounts. The benefit of a merchant account here is that you can expect fewer account freezes and terminations working with Braintree. 

For both a merchant account and a payment gateway from Braintree, you’ll have to pay 2.9%, plus $0.30 per transaction. You’ll also enjoy the ability to accept magstripe, chip card, and contactless forms of payment, plus the ability to convert over 130 different currencies. Braintree can also be integrated with PayPal Here, turning it into a mobile POS.

Learn more in our Braintree review.

7. Charge.com

Best for: Simple, low-cost processing with dedicated merchant account

If you’re looking for one of the most affordable PayPal alternatives possible, then you might consider opening a merchant account with Charge.com, which will cost you a little as 0.25%, plus $0.15 per transaction.

Charge.com gives you the ability to accept all types of credit card payments—whether using a POS terminal, virtual terminal, or an online shopping cart. Overall, Charge.com won’t offer many additional features, but for affordable, simple payment processing, this option will be hard to beat.

8. Dwolla

Best for: Businesses that only need to accept and receive ACH payments

If you only need to accept and send ACH payments, then look to Dwolla as a go-to PayPal alternative for your business. Dwolla allows you to correct directly with the ACH network and provides white-label service—meaning you can incorporate their technology into your platform so that it looks like your own—which is great for user experience.

Dwolla offers three pricing plans: Pay-as-you-go, Scale, and Enterprise. For the pay-as-you-go plan, you’ll face no monthly fees, and only pay a low 0.5% transaction fee on standard ACH payments.

Learn more in our Dwolla review.

9. Fattmerchant

Best for: Subscription-based, low-fee payment processing services; high-volume ecommerce businesses

Fattmerchant is a subscription-based, flat-rate, payment processor for ecommerce businesses. The cost to use the Fattmerchant Starter Platform is $99 per month plus a per-transaction interchange fee, which varies depending on which platform you are using Fattmerchant with (Ecommerce store, EMV terminal, virtual terminal).

There is also a Fattmerchant Enterprise Platform that costs $199 per month with corresponding transaction fees. Fattmerchant comes with some useful features, including chargeback monitoring and a QuickBooks integration.

Although Fattmerchant has higher monthly subscription fees, their transaction fees are priced at the true cost of interchange (the lowest cost of accepting credit cards), making it a particularly affordable option for higher-volume businesses.

Learn more in our Fattmerchant review.

10. Google Pay

Best for: Consumer payments; free, simple payment integration

Google Pay is a virtual wallet that allows you to request and pay money with your phone in person and online. Although Google Pay is typically used as a consumer payment tool, it can be a simple solution for smaller-scale payment processing needs, similar to Amazon Pay.

In this case, you can use an API integration to add Google Pay to your website or POS, allowing customers to choose any payment method saved in their Google account to check out quickly and easily. Google Pay is a completely free PayPal alternative, but it will require that you have an existing payment solution, Adyen, Authorize.Net, Braintree, etc. to function within your website or POS system.

11. Klarna

Best for: Offering unique payment methods, such as customer financing and installments

Klarna not only offers payment processing and merchant accounts but also offers payment plan options for your customers. With Klarna, you can set up simple online checkout, in-person checkout, or more unique payment options—such as pay in 30 days, customer financing, or four installments.

Unlike some of the other PayPal alternatives, on this list, Klarna’s pricing will largely vary based on where your customers are shopping from, as well as the specific solution you implement for your business.

This being said, however, some unique features Klarna provides are the ability to integrate with ecommerce platforms, apps, social media sites, as well as the ability to utilize a messaging interface during payment.

12. Payline Data

Best for: Affordable, all-in-one merchant service provider that includes a dedicated merchant account

If you’re looking for in-person payment processing, online payment processing, or both, then Payline Data is a viable PayPal alternative for you to consider.

Depending on your needs, you can select one of the Payline plans available, from Payline Start to Payline Connect. With Payline Start, pricing starts at $10 per month, plus interchange + $0.2% + $0.10 for transaction fees. Payline can also provide you with additional payment tools, including a virtual terminal or credit card terminal. 

Learn more in our Payline Data review.

13. Payoneer

Best for: Sending and receiving free bank payments; B2B payments

Through Payoneer, you’ll be able to send and receive payments for free, so long as your customer or vendor is also a Payoneer member. For this reason, Payoneer is one of the best PayPal alternatives for B2B payments, especially considering that you can send and receive payment at no cost.

This being said, however, if you want to accept payments directly from non-Payoneer customers, they will charge you 3% for credit card transactions and 1% for e-check payments. In addition, Payoneer offers tax administration tools, invoicing, as well as a debit card.

Learn more in our Payoneer review.

14. Paysera

Best for: Businesses outside of the U.S.

For European-based businesses, Paysera is one of the top PayPal alternatives. For their customer checkout services, you will simply need to pay 1.1% of every card transaction processed to accept payments, so long as the card was issued in the EU.

For processing payments from cards issued outside of the EU, you’ll have to pay 2.3%. Paysera can also facilitate currency exchanges and global transfers fast at very low rates—only 0,20 EUR for Euro and instant transfers.

In terms of additional features, Paysera offers a contactless debit card, mobile payment app, a business bank account, and other customizable payment solutions.

15. Popmoney

Best for: Smaller B2B and service-based businesses; low-fee ACH payments

Similar to Payoneer, if you only need to be able to send and receive ACH payments, then Popmoney could be one of your best PayPal alternatives. For this service, you’ll simply have to pay $0.95 per payment to send money from your debit card or bank account. To receive money, you’ll pay $0.95 to send a request, and no fee to pay a request.

It’s important to note, however, that Popmoney does have both daily and monthly limits, so this option will only be viable for smaller, lower-volume businesses.

16. ProPay

Best for: Businesses looking for multiple ways of accepting payments through one service

One of the most comprehensive PayPal alternatives on our list—ProPay offers in-person and online payment processing for card payments and bank transfers. For this comprehensive setup, you’ll need to pay more for ProPay, though—pricing starts at $39.95 for the setup cost, $39.95 for the yearly cost, $10 for a card reader, plus transaction fees that range from 2.4% to 3.55%.

With any of the ProPay plans, however, you’ll be able to accept credit card payments through an online terminal, mobile application, mobile website, touch-tone phone, buy now button, donate now button, and using stored cards. ProPay account holders will also receive a prepaid MasterCard debit card for free. 

17. QuickBooks GoPayment

Best for: QuickBooks users looking for an integrated mobile payment solution

If you’re looking for the best PayPal alternative for syncing with your QuickBooks accounting books, then look no further than Intuit’s very own QuickBooks GoPayment. GoPayment is an app that allows for mobile payment processing.

You’ll simply have to pay 2.4%, plus $0.25 per magstripe, chip, and contactless payment, and 3.4%, plus $0.25 per keyed-in payments, including camera-scanned payments with this service. Plus, all of the payments you accept using QuickBooks GoPayment will sync seamlessly with your existing QuickBooks account.

Learn more in our QuickBooks GoPayment review.

18. Shopify Payments

Best for: Ecommerce businesses using Shopify

Shopify Payments allows you to accept online payments for your ecommerce store. It only makes sense to use Shopify Payments, however, if you also have an ecommerce store with Shopify.

If you do, you’ll get access to affordable payment processing rates starting at 2.9% + $0.30 for online transactions for subscribers to the Basic Shopify plan ($29 per month). That rate drops to 2.4% + $0.30 for Advanced Shopify subscribers ($299 per month). It’s important to note that if you have a Shopify store and don’t use Shopify Payments for payment processing, Shopify will charge you an additional transaction fee on top of the rates you’ll pay from your payment processor.

Review our guide to learn more about selling on Shopify.

19. Skrill

Best for: Businesses with occasional payment needs; consumer payments

The PayPal alternative Skrill typically addresses consumer payment needs, but if you need to make an occasional bank payment to a vendor or partner, you can do so with Skrill at no cost.

Additionally, if you’d like more from Skrill, you can sign up for a business account, which will give you access to over 100 card and local payment methods, simple integration, and over 40 currencies. You’ll also receive advanced reporting and analytics, fraud management, and chargeback protection.

Skrill does not specify the rates for their business account on their website, so you’ll have to contact them directly for more information on these fees.

20. Square

Best for: Brick-and-mortar businesses looking for a full-service POS with integrated payment processing

Square rivals PayPal in popularity, and for good reason. It offers a variety of payment processing solutions, including the ability to accept magstripe, chip cards, and contactless forms of payment.

It also sells some of the most popular payment processing hardware, including the famous Square magstripe reader and Square Register. Additionally, with their free POS software, Square is one of the best PayPal alternatives for brick-and-mortar businesses.

Square’s payment processing rates are also affordable: 2.6% + $0.10 for in-person transactions and 2.9% + $0.30 for online transactions. For these reasons and many more, when it comes to Square vs. PayPal, lots of merchants choose the former.

Learn more in our Square review.

21. Stripe

Best for: Larger ecommerce businesses looking for greater payment customization; tech businesses

When it comes to Stripe vs. PayPal, Stripe powers the checkout processes of some of the biggest companies in the world, like Amazon and Google. But that doesn’t mean their price tag is correspondingly large—Stripe will only cost your business 2.9%, plus $0.30 per transaction.

Stripe is a good option for large online-based businesses, as its API allows those with some technical background to customize their payment solutions to fit their business’s needs. Additionally, Stripe offers advanced reporting, billing, and invoicing tools.

Learn more in our Stripe review.

22. TransferWise

Best for: International businesses looking to make B2B payments across borders

A more globally focused PayPal alternative, TransferWise offers a cheaper way to process international payments. Although well-known for their consumer accounts, TransferWise also offers a business account—which allows you to receive international payments for free.

To send payments, you’ll pay a fixed fee of $1.40 (which varies by currency). You’ll also be able to hold over 50 currency balances for free, as well as utilize features such as Xero integration, batch payments, open API, and more.

Transferwise is a great option for international businesses looking to transfer money across borders at the lowest possible cost.

23. Veem

Best for: Sending and receiving digital, international wire payments with no fees

With no fees for most payments, Veem is one of the best PayPal alternatives for making affordable wire payments. Veem uses blockchain to process digital transactions, allowing you to send and receive payments at no cost.

The only time you’ll pay a fee for using Veem is if the recipient of your payment opts to receive an international wire outside of the U.S. in U.S. dollars. In this single scenario, you’ll pay a $20 fee.

This being said, Veem operates in more than 60 countries, automatically syncs with both QuickBooks Online and Xero, and is extremely user friendly.

Learn more in our Veem review.

24. WePay

Best for: SaaS businesses looking for their own hosted payment solution

If you’re looking for a payment system to integrate into your business’s online checkout experience, you might consider using WePay. Unlike most PayPal alternatives on this list, WePay is designed specifically for businesses that operate software platforms and want to allow their users to send and receive payments.

Therefore, instead of using a third-party processor, like PayPal, and integrating it with your own platform, you can use WePay to create a payments solution hosted within your own system. Unfortunately, WePay doesn’t provide much pricing information on their website—they do state, however, that for WePay Link, their basic plan option, you’ll pay 2.95% + $0.25 for credit card processing.

Learn more in our WePay review.

25. Worldpay

Best for: Full-service payments solution for growing and international businesses

Last, but not least, you might look into Worldpay as one of the top PayPal alternatives. Through Worldpay, you’ll be able to access WorldPay U.K., WorldPay U.S., or WorldPay Global for your business’s payment processing needs.

Each of these offers online card payments, gateways services, data and analytics, and much more. WorldPay doesn’t offer pricing information on their website, so you’ll have to fill out an application to access necessary details on fees and costs that come with this service.

This being said, however, if you need a fully-comprehensive payment solution, with a dedicated merchant account, Worldpay will be worth considering.

Learn more in our Worldpay review.

The Bottom Line

At the end of the day, any of these 25 solutions may be the best Paypal alternative for your business.

With all of these options, however, you’ll want to consider factors such as your budget, the features you want, the types of payments you’re looking to accept, and more, to decide which platform is right for your needs.

The post 25 Best PayPal Alternatives for 2020 appeared first on Fundera Ledger.

This post was originally published on this site

What Is a Merchant Account and Do You Need One?

If you want to accept debit or credit card payments at your business, you’ll need to invest in merchant services. As a whole, merchant services include all of the financial tools, software, etc. required for you to accept and process card-based payments. Of these tools, perhaps one of the most important is a merchant account.

What is a merchant account? Do you need one for your business? We’re here to answer these questions—and more—in this comprehensive guide to merchant accounts.

What Is a Merchant Account?

A merchant account is a type of bank account that allows your business to accept debit and credit card payments from customers. Your merchant account will front your business the funds—minus fees—from the credit card transactions you accept, before your customers pay off their card issuers.

In other words, the payments from your debit and credit card sales will be deposited into your merchant account, and then transferred to your business bank account. It’s important to note, therefore, that a merchant account is distinct from a traditional business bank account.

How Do Merchant Accounts Work?

With this merchant account definition in mind, let’s explain how these bank accounts work in a little more detail.

Once again, a merchant account itself is simply the bank account through which your business will receive the money you earn through your customers’ card purchases from your business. On its own, a merchant account does not include other technology or services associated with merchant processing, like card readers, payment gateways, or other software used to accept credit card payments—these accounts are only the banking service that allows you immediate access to transaction proceeds.

This being said, however, you might be wondering: Why do I need a merchant account?

In essence, a merchant account prevents you from having to wait for the proceeds from credit card transactions—caused by the delay between the moment your customer pays for your good or service with a credit card and the moment they pay their credit card bills.

Therefore, the process of accepting credit card payments—and the role your merchant account plays—can be broken down like this:

  • After one of your customers pays for your good or service with a card, the card processor will send the transaction details to your merchant account.
  • Your merchant account provider will then send the transaction details, through the card processor, to the customer’s card issuer.
  • Once the customer’s card issuer confirms that there are sufficient funds available to cover the transaction, the issuer then contacts the processor who, in turn, contacts the merchant account with approval. Credit card networks like Visa and Mastercard oversee this process of data exchanges, called interchange.
  • After all of this back-and-forth, your merchant account then begins to front your business the proceeds of the card transaction—minus all of the fees—to your business bank account.

Merchant Account Fees

As we just mentioned above, the final step in the process of accepting credit card payments involves funds being transferred from your merchant account to your business bank account—minus fees. When you open a merchant account, which we’ll explain in greater detail below, your merchant account provider will charge fees for the services they’re providing.

First and foremost, merchant service providers need to fortify themselves against the risk they take on by fronting your business your revenues, so they charge you merchant account fees. In addition, you’ll also pay wholesale fees that processors, networks, and issuers charge for their part in the interchange process. Depending on your merchant account provider, you might also pay for additional tools, hardware, software, and basic setup and maintenance.

Overall, here are some of the typical merchant account fees you might pay when working with a merchant services provider:

Setup Fees

Merchant account providers often charge customers a one-time, upfront fee for setting up their merchant account. Unfortunately, many providers only provide quote-based pricing for this fee.

As a result, you’ll need to ask for a quote to get an idea of how much this setup fee will cost your business. Generally, your setup fee will depend on your business’s card sales volume.

In addition, if your account provider is setting up POS hardware for you, that setup cost may also be incorporated into this fee—though the cost of the hardware itself will be a separate expense.

Monthly Maintenance Fees

Most providers will charge you a monthly, ongoing fee for their merchant account services, as well.

This will typically be a flat fee of $10 to $30 that could be called a statement fee, an account fee, or simply a monthly fee.

Transaction Fees

Now, the per-transaction fee you’ll have to pay will be the most complicated facet of how much your merchant account will cost your business.

As we discussed above, when you get the money from a card transaction, there are a number of entities involved in the process—card processors, card networks, and card issuers—and each wants their share of every transaction that’s processed. 

This being said then, the amount of money that your merchant account will advance you for a given transaction won’t be the full transaction amount. The per-transaction fees that merchant accounts charge will be fees by omission—they’ll front you your transaction amount, minus what all of the middlemen will claim through the process.

Therefore, these merchant account fees can be structured in three different ways:

  • Flat-rate transaction fees: Flat-rate fees charge the same rate for each kind of card transaction you process, no matter what card issuer or card network. Flat-rate fees can look like 2.75% or 2.4% + $0.10, and they can also be different based on how you run your transaction (through a credit card reader vs. keyed-in information). But flat-rate fees will be the same across the board, depending on how you initiate the transaction.
  • Interchange-plus transaction fees: These are the most transparent transaction fee option. They consist of the amount it costs to process the payment (also known as wholesale costs) plus the fee that the merchant account will charge you (the markup costs). With interchange-plus pricing, you will be able to see exactly how much each transaction costs your business with an itemized monthly statement. Plus, your merchant service provider won’t lump together pricing and overcharge you for payments that are more affordable to process, like regulated debit card transactions.
  • Tiered transaction fees: Tiered fees classify card transactions into three tiers—qualified, mid-qualified, and non-qualified—based on the risk they pose. Transaction fees will be the lowest for the qualified transactions, which will always involve a physical card, in-person payment, and a same-day batch settlement. Meanwhile, if a transaction is keyed-in or has a settlement delay, then it could be downgraded to mid-qualified or non-qualified for the risk of non-settlement that it poses for the merchant account provider. This form of pricing is pretty specialized and hard to understand, so we encourage small business owners to consider their more transparent fee options before settling for tiered fees.

Review our comprehensive guide to credit card processing fees for more information on how these charges work.

Merchant Account Alternatives

As we’ve explained, a merchant account is required to accept credit card payments. Typically, a merchant account provider, like Dharma Merchant Services, Braintree, or Payline Data, will work with you to set you up with your own dedicated merchant account that is unique to your business.

This, however, is not your only option to accept credit card payments. If you’re wondering how to accept credit card payments without a merchant account, you can turn to a payment service provider (PSP), sometimes called a payment facilitator or payment aggregator.

Instead of issuing dedicated merchant accounts for all of their customers, payment service providers, like Square and PayPal, have a single merchant account through which they aggregate all of their customers’ funds. Therefore, all of the funds from your credit card transactions are deposited in this account (with the funds from other customers) and then are transferred to your business bank account.

With payment service providers, you’ll typically find lower fees, faster and simpler setup processes, and additional features (such as payment gateways, POS software, etc.) included with their services. This setup, however, is also prone to slower customer service and account freezes or delays, so if you have a larger business that accepts a high-volume of card transactions on a daily basis, it may be advantageous to use a more traditional merchant account provider.

Use our guide to payment service providers to learn more about the differences between PSPs and merchant account providers.

How to Open a Merchant Account

So, if you’re wondering how to get a merchant account, you’ll start by looking into different merchant account providers. As you’ll see, individual providers will have their own feature sets, pricing structures, and application processes.

Therefore, to choose the one that’s best for your business, you’ll want to consider factors such as:

  • How you’re going to accept payments (in-person vs. online, or both)
  • Whether or not you need point of sale software and hardware
  • Whether or not you need a payment gateway to accept payments online
  • What your budget is for your merchant services

With these things in mind, you’ll be able to research and compare different merchant services providers.

As we mentioned above, some providers will require that you request a pricing quote, in this case, you’ll want to thoroughly review any quote you’re offered before applying to work with that provider. This being since, once you’ve found the provider you want to work with, you’ll be able to apply to open a merchant account.

Similar to the process of applying for business financing, most providers will underwrite their decision to provide you with a merchant account. Many of these providers will ask for your industry, time in business, your annual revenue, and your monthly card revenues.

If you need a high-risk merchant account, i.e. your business has poor credit, operates in a particular industry, or has a history of chargebacks, this process will likely be more difficult.

In fact, many of these businesses turn to providers like, Durango Merchant Services or Payline Data, who specialize in high-risk merchant accounts. Of course, even with providers that specialize in high-risk merchant accounts, you’ll find that these options will be more expensive than others (due to the added risk the provider is taking on by working with you).

Once you’ve submitted your application and (hopefully) are approved for a merchant account, you’ll want to review any contract you’re asked to sign and ask any questions you may have.

Historically, merchant service providers have been known for long-term contracts, hidden fees, cancellation fees, and less-than-ideal terms for businesses—so you’ll want to keep an eye out for any of these things before signing an agreement.

This being said, after you review and sign your agreement, you’ll be able to work with your provider to set up your account and get any software or hardware you need to start accepting payments.

The Bottom Line

At the end of the day, it’s important to understand how a merchant account works and what role it plays in your ability to accept credit card payments.

With this in mind, it’s ultimately up to you to decide if you’d rather work with a merchant account provider or a payment service provider—and which credit card processing company, in particular, will best suit your needs.

Luckily, companies like Square, Stripe, and PayPal have pushed traditional providers to become more and more transparent about their fees, terms, and contracts—making it much easier for small businesses to find and access the tools they need at affordable rates.

The post What Is a Merchant Account and Do You Need One? appeared first on Fundera Ledger.

This post was originally published on this site

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